Update re: acquisition of JHI by Eco

Summary by AI ^BETAClose X

Westmount Energy Limited notes significant progress in the acquisition of JHI by Eco (Atlantic) Oil and Gas Ltd., with JHI shareholders approving the plan of arrangement by 100% of votes cast and the Ontario Superior Court of Justice granting final order approval. Key remaining conditions for completion include Falkland Islands Government licence extension, Navitas Petroleum LP's operatorship, JHI maintaining a US$1.0 million cash balance, and TSX-V and AIM approvals. Upon completion, Westmount will hold 9,527,432 common shares in Eco, including 4,000,000 subject to lock-up, in addition to its existing 1,500,000 Eco shares.

Disclaimer*

Westmount Energy Limited

19 May 2026

19^th May 2026

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Acquisition of JHI by Eco - JHI shareholder approval and Final Court Order Received

Westmount Energy Limited (UK AIM: WTE.L), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, is pleased to note the update provided by its investees^1,2, further to the Company's announcement on the 5^th May 2026 regarding the proposed acquisition of JHI Associates Inc. ("JHI") by Eco (Atlantic) Oil and Gas Ltd. ("Eco") by way of a court-approved plan of arrangement (the "Arrangement"). This update confirms that (1) at JHI's annual and special meeting of shareholders held on May 12, 2026, 100% of the votes cast were in favour of the plan of Arrangement with Eco and (2) JHI has successfully obtained on May 15, 2026 the final order approval (the "Final Order") from the Ontario Superior Court of Justice (Commercial List) (the "Court"), approving the Arrangement as proposed.

These steps represent significant progress towards completion of the Arrangement. Remaining conditions for completion of the Arrangement ("Closing") include receipt of Falkland Islands Government ("FIG") five-year licence extension of the PL001 licence and Navitas Petroleum LP's (via its subsidiary) operatorship; JHI to have a cash balance of US$1.0 million on completion of the Arrangement; and required TSX-V and AIM approvals. Eco expects the transaction to close as soon as the requisite government approvals are received, subject to the satisfaction of customary closing conditions under the Arrangement agreement.

On completion of the Arrangement, Eco will hold 100% of the outstanding JHI shares and, in turn, a 35% participating interest in PL001, offshore Falkland Islands, operated by Navitas Petroleum LP (via its subsidiary - holding the remaining 65% interest) and a potential extension of JHI's 17.5% WI in the Canje Block offshore Guyana subject to ongoing government negotiations and approval. Completion of this Arrangement will boost the emergence of a new, Atlantic Margin, oil and gas exploration powerhouse with a diversified portfolio of assets offshore Guyana, Falkland Islands, Namibia and South Africa and partnerships with industry leading operators such as TotalEnergies, BP and Navitas Petroleum LP.

Subject to Closing and the completion of the additional transaction referenced in the Company's announcement of the 5^th May 2026, Westmount will hold a total of 9,527,432 common shares in Eco which includes 4,000,000 Eco shares which are subject to lock-up provisions, plus Westmount's existing holding in Eco of 1,500,000 common shares.

¹https://www.investegate.co.uk/announcement/rns/eco-atlantic-oil-gas-npv-di---eco/jhi-acquisition-final-court-order-obtained/9572058

²www.jhiassociates.com

For further information, please contact:

Westmount Energy Limited www.westmountenergy.com

David King, Director Tel: +44 (0) 1534 823000

Cavendish Capital Markets Limited (Nomad and Broker) Tel: +44 (0) 20 7397 8900

Neil McDonald / Pete Lynch

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